Stop Mortgaging Nigerians’ Future, Timi Frank Tells Buhari

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Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has described the astronomical rise in the nation’s foriegn debt portfolio under the present administration as worrisome with a call on President Muhammadu Buhari to stop mortgaging the future of Nigerians.
Frank, who made the declaration in a statement in Abuja also pleaded with the Chinese and other foreign governments to be wary of granting loans to the present administration.
He stated that despite over 100 per cent rise in the nation’s external debt under the Buhari administration, there is little or nothing on ground – in terms of concrete economic, social and infrastructural development to justify the huge debt already incurred by Buhari.
The former APC chieftain said that the goal of Buhari was to return the country to pre-1999 debt level which ex-President Olusegun Obasanjo fought hard to cancel. “If something is not done urgently to stop these huge loans being amassed by Buhari, the country’s future will be in jeopardy and our children’s children will certainly turn slaves to our creditors. Unfortunately this is the kind of future that Buhari is preparing for Nigerians – both living and yet unborn,” Frank stated. He thanked the Chinese Government for recently signing a $328million ICT pact with Buhari but regretted that the loans they have released to the country in the last three years were not being utilised for the purposes they were meant.
“Nigerians only hear of loans that the present administration has incurred in the last three years, but there is nothing on ground to show that such amounts have come into the Federal coffers for development,” he stated.
He urged the National Assembly to stop approving foreign loan requests by Buhari while calling on the Chinese and other world governments and international financial Institutions to desist from granting loans to the Buhari’s administration.
“The world ought to know that Buhari is on his way out as the 2019 election approaches. Therefore any loan agreement between Buhari and any entity at this point would be repaid by him in person and not the succeeding government,” he stated. He called on the National Assembly to probe where and how the over $11billion external loans granted to Buhari’s administration in the last three years have been or are being utilized.